This month, Chanel announced another price increase for some of their classic bags. The prices have increased between 8-12 percent across styles, which is quite significant. In November 2018, we reported that Chanel raised their prices on their classic bags and the latest price increase started on May 22nd and affects the Classic flap, 2.55 Reissue, Boy, Gabrielle, and Chanel 19 bags, as well as some of their small leather goods.

Why does Chanel raise prices?

Chanel bags increase in value over time. The original Chanel 2.55 flap bag sold for $220 in February 1955. If you bought a Chanel Caviar Classic Jumbo Flap bag in 2009 for $2695, the price of the same bag is now $6100 (see chart). When the Chanel Medium Boy Bag was introduced in 2011, the price started at $2500. Today, a Medium Boy bag is $5000.

Inflation and basic economics: more demand means higher prices. Chanel will continue to increase prices as long as the demand is there. The more money people are willing paying for them, the more value Chanel bags have.

Next, the cost of material and labor increase over time. If Chanel is paying a higher price for the lambskin leather, they will compensate the loss with your wallet. The cost of labor has gone up too, a Chanel bag is probably made in France, Italy or Spain by very skilled artisans.

There could be other outside factors that have played in to Chanel's decision. There is the current global health crisis which has led to a lack of supplies, as well as delays in production that could all be potential reasons for the price increase.

A price increase should drive customers away, but for Chanel and Hermes, it normally works the opposite. Exclusivity makes people want something more. Chanel continues to thrive, despite price increases. It still remains to be seen if this latest price increase will drive sales or not.

Not happy about price increases? Buy pre-loved!

You can buy pre-loved Chanel handbags from Yoogi’s Closet—every item comes with an authenticity promise—for a fraction of the price. Depending on the year and condition, you can buy a pre-owned Chanel Classic Flap bag for approximately 15-35% off retail prices. If you have your eye on a Chanel bag, you should consider buying pre-owned if a $6k price tag is too much.

No longer using that Louis Vuitton? Is your Chanel bag collecting dust? Turn your unused luxury goods into cash by selling or consigning it to Yoogi's Closet. You'll get top dollar for your luxury goods and receive fast, secure payment while avoiding the hassle of selling it yourself. Plus, it's SUPER easy if you have a closet full of designer bags you're no longer loving. Here's how:

Handbags and Accessories Grades

Item is like new with very slight signs of use. Natural tan leather may have darkened slightly although no signs of soiling.

Gently Used

Item shows obvious signs of use, but no significant wear. Item may have scuffs, stains, scratches, or rubbing that is visible. Natural tan leather may have darkened over time with use.

Well Used

Item has been well-loved and wear is noticeable. Significant signs of wear throughout, especially on the bottom corners. Does not have any holes or tears and still has a lot of life left in it!

Shoe Condition Grades

New

Shoes appear to have not been worn. Soles and uppers have no signs of wear.

Like New

Shoes are like new with very slight signs of wear on the soles. Very little to no signs of soiling on the shoe uppers.

Gently Used

Shoes have obviously been worn, but no signs of significant wear, abrasions, stains, scratches, or tears on the shoe upper. Leather is supple with minimal creasing. Some signs of wear and abrasion on the soles.

Well Used

Shoes were well-loved and it shows. Some signs of significant wear and abrasion on the edges and/or bottoms of the soles. Possible light soiling of materials on the shoe uppers.

Jewelry Condition Grades

New

Item appears to have not been used and shows no signs of wear.

Like New

Item is like new with very slight signs of use. Metal surface may show slight surface scratches, but item has "like-new" sparkle and shine.

Gently Used

Item has obviously been used, but no signs of significant abrasions, stains, scratches, or dents. Metal surface has superficial surface scratches.

Well Used

Item has been well-loved and it shows. Signs of wear, with medium scratches visible from a close distance. Light soiling or discoloration of materials may be present.

Handbags and Accessories Grades

New

Item appears to have not been used and shows no signs of wear.

Like New

Item is like new with very slight signs of use. Natural tan leather may have darkened slightly although no signs of soiling.

Gently Used

Item shows obvious signs of use, but not significant wear. Item may have scuffs, stains, scratches, or rubbing that is visible. Natural tan leather may have darkened over time with use.

Well Used

Item has been well-loved and wear is noticeable. Significant signs of wear throughout, especially on the bottom and corners. Does not have any holes or tears and still has a lot of life left in it!

Handbags and Accessories Grades

New

Item appears to have not been used and shows no signs of wear.

Like New

Item is like new with very slight signs of use. Natural tan leather may have darkened slightly although no signs of soiling.

Gently Used

Item shows obvious signs of use, but no significant wear. Item may have scuffs, stains, scratches, or rubbing that is visible. Natural tan leather may have darkened over time with use.

Well Used

Item has been well-loved and wear is noticeable. Significant signs of wear throughout, especially on the bottom and corners. Does not have any holes or tears and still has a lot of life left in it!

Men's Accessories

New

Item appears to have not been used and shows no signs of wear.

Like New

Item is like new with very slight signs of use. Metal surface may show slight surface scratches, but item has "like-new" sparkle and shine.

Gently Used

Item has obviously been used, but no signs of significant abrasions, stains, scratches, or dents. Metal surface has superficial surface scratches.

Well Used

Item has been well-loved and it shows. Signs of wear, with medium scratches visible from a close distance. Light soiling or discoloration of materials may be present.

Clothing Grades

New

Item appears to have not been worn and shows no signs of wear.

Like New

Item is like new with very slight signs of use.

Gently Used

Item has obviously been used, but no signs of significant wear, stains, or odors.

Well Used

Item has been well-loved and it shows. Signs of wear, light soiling or discoloration of materials may be present.